12/31/2012

Do You Need Estate Planning if You are NOT Rich? Yes You Do!

The current commotion
in Washington regarding the fiscal cliff (and the estate and gift taxes) may
not particularly interest you. However, while these discussions generally only
affect the extremely wealthy, don’t be deceived. You still need an estate plan
for yourself and your loved ones.

No matter
your net worth, it’s important to have, at the bare minimum, a basic estate
plan. Such a plan ensures that your family and financial goals are met after
you die and may include components such as a Will, a Durable Power of Attorney,
a Living Will or Medical Power of Attorney, and possibly even a Trust.

So, now that
you know you need some sort of estate planning, you may be wondering where to
begin. A good place to start is taking inventory of your assets. Your assets
include your investments, retirement savings, insurance policies, and real
estate or business interests.

Then ask
yourself three questions: Whom do you
want to inherit your assets? Whom do you want handling your financial affairs
if you’re ever incapacitated? Whom do you want making medical decisions for you
if you become unable to make them for yourself?

Preparing your
own estate plan is not a safe DIY project, so be sure to consult with your
estate planning attorney to ensure your estate plan is properly drafted and executed.
You don’t want to take chances when the protection of all that you have and
everyone you love is at stake.